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A City tycoon whose wealth has shrunk in the recession failed yesterday to secure a reduction in his £11.2 million divorce settlement.

Brian Myerson, 50, had claimed that since he agreed to pay his former wife, Ingrid, a sculptor, 43 per cent of his fortune in March last year the value of his shares had been substantially wiped out. Instead of receiving £14.6 million from total assets that were then valued at £25.8 million, he would now get nothing — and be half a million pounds out of pocket.